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Jan 1, 2013
01/13
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. >> the revenue that has beencams being used not to reduce deficit but to keep spending cogs that s that have been agreed to from not happening. >> suessy it looks like a source negotiating right now to come up with a to 20 to 30 billion three need to move it back to two to three months and that seems to be going well. talk us through the steps over the next couple of days. let's assume we go over the cliff and there is a good chance of that. can we assume that the democrats and represent republicans are ch they are going to sign off in the next couple of days or has the dynamics changed. >> my new years resolution is tl ball. >> glad to hear that. >> it will take a lot.the sensr and they expect to have a vote by the time the ball drops or maybe just after. the house looks like it's going to come back at 12:00 tomorrow. that's the most difficult part. >> we are hearing that perhapsnt get a lot of democratic votes to pass wha whatever the central gs tomorrow. if it doesn't come together tomorrow it will come together soon. >> susie: we are listening forwe listening to this drama. how
. >> the revenue that has beencams being used not to reduce deficit but to keep spending cogs that s that have been agreed to from not happening. >> suessy it looks like a source negotiating right now to come up with a to 20 to 30 billion three need to move it back to two to three months and that seems to be going well. talk us through the steps over the next couple of days. let's assume we go over the cliff and there is a good chance of that. can we assume that the democrats and...
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Dec 26, 2012
12/12
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abe has pledged to halve the fiscal deficit by march 2016. the new government intends to finance its spending without borrowing by fiscal 2020. they hope to achieve the goal by cutting expenses. this would involve squeezing social security costs. all eyes are on whether the government will cut pension payments. japan also plans to double consumption tax to 10% by october 2015. but the international monetary fund says a minimum of 15% is needed for full fiscal rehabilitation. the new government says it will first tackle economic recovery and plans to draft an extra budget for the current fiscal year. >>> populous, prosperous, pushing ahead. china's rise brought it wealth, power, and problems. an income gap divides its people. pollution threatens their health. and disputes at sea strains relations with its neighbors. find out the challenges china faces, on "newsline." >>> traffic in china is said to be more of a free-for-all than an orderly procession. motorists often ignore other motorists and pedestrians too, and the pedestrians also play fas
abe has pledged to halve the fiscal deficit by march 2016. the new government intends to finance its spending without borrowing by fiscal 2020. they hope to achieve the goal by cutting expenses. this would involve squeezing social security costs. all eyes are on whether the government will cut pension payments. japan also plans to double consumption tax to 10% by october 2015. but the international monetary fund says a minimum of 15% is needed for full fiscal rehabilitation. the new government...
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Dec 30, 2012
12/12
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they said almost every day, at the top of the list is, deficit. get the deficit under control. until we actually did it in the 1990's. and why did i have this single- minded focus? i have always understood, the most important responsibility of government is economic security of the people. if you do not have your fiscal affairs in order -- we learned in the economic downturns in my state, the debt to work for you. it can also question. -- the debt can work for you. it can also crush you. i do not want to see the country go through the same kinds of problems. my family lived through the great depression in the 1930's. it exacted a terrible toll on the people in my state. i have always been very focused on economic growth, economic opportunity, and being responsible with the resources that you have. >> we a frequently heard from the republican candidate but this country could become like greece. do you see that as a possibility? >> no. it is a profoundly different situation. i do see the possibility that we could have debt that would truly be harmful. the congressional budget off
they said almost every day, at the top of the list is, deficit. get the deficit under control. until we actually did it in the 1990's. and why did i have this single- minded focus? i have always understood, the most important responsibility of government is economic security of the people. if you do not have your fiscal affairs in order -- we learned in the economic downturns in my state, the debt to work for you. it can also question. -- the debt can work for you. it can also crush you. i do...
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Dec 29, 2012
12/12
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insurance for two million americans looking for a job and lays the groundwork for more cooperation on deficit reduction and economic growth. guys, i can hear you over there. i believe a proposal can pass both houses bipartisan majority. as long as they let it come to a vote. if members of the house or senate want to vote no, they can. >> i would really like to know who he is shushing there. to his main point. here is what he intends to do. senators reed and mcconnell will try to come to a deal. but they will try to passes a bill on the two key democratic priorities and dare republicans to block it. and they will not be able to do it, at least not for long. >> if we get down to the end of the year and the only choice we have is to keep the taxes from going up on the middle class, i will support that. >> a quote was given, mr. boehner said he wanted a deal along the lines that the two men negotiated in 2011, you missed your opportunity on that. president told him. cold. but what we know right now, what we know from that, is that john boehner wishes he could go back in time, go back to 2011, and
insurance for two million americans looking for a job and lays the groundwork for more cooperation on deficit reduction and economic growth. guys, i can hear you over there. i believe a proposal can pass both houses bipartisan majority. as long as they let it come to a vote. if members of the house or senate want to vote no, they can. >> i would really like to know who he is shushing there. to his main point. here is what he intends to do. senators reed and mcconnell will try to come to a...
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. >> the revenue that has beencampain on for now a year it is being used not to reduce deficit but to keep spending cogs that cuts that have been agreed to from not happening. >> suessy it looks like a sourcethat told me they are negotiating right now to come up with a to 20 to 30 billion three need to move it back to two to three months and that seems to be going well. talk us through the steps over the next couple of days. let's assume we go over the cliff and there is a good chance of that. can we assume that the democrats and represents republicans are close enough they are going to sign off in the next couple of days or has the dynamics changed. >> my new years resolution is tofix the cracks in my crystal ball. >> glad to hear that. >> it will take a a lot.the sens 23,459 senate is coming together and they expect to have a vote by the time the ball drops or maybe just after. the house looks like it's going to come back at 12:00 tomorrow. that's the most difficult part. >> we are hearing that perhapsnancy pelosi may have to gleet get a lot of democratic votes to pass what whatever
. >> the revenue that has beencampain on for now a year it is being used not to reduce deficit but to keep spending cogs that cuts that have been agreed to from not happening. >> suessy it looks like a sourcethat told me they are negotiating right now to come up with a to 20 to 30 billion three need to move it back to two to three months and that seems to be going well. talk us through the steps over the next couple of days. let's assume we go over the cliff and there is a good...
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Dec 29, 2012
12/12
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american looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. you guys, i can hear you over there. i believe such a proposal could pass both houses with bipartisan majorities. as long as those leaders allow it, to actually come to a vote. if members of the house or the senate want to vote no, they can, but we should let everybody vote. >> i would actually really like to know who he was shushing there. but to his main point, here's what the president intends to do. senators reid and mcconnell will try to come to a deal. if they fail, the white house and harry reid are going to try to jam through a bill that increases taxes on rich people and extends unemployment insurance, which are the two key democratic priorities. they'll pretty much dare republicans to block it. and republicans probably won't be able to, at least not for long. here's johnny isaacson, a republican senator from georgia, over the weekend. >> if we get down to the end of this year, and the only choice we have is to save taxes going up on the middle class, then i would
american looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. you guys, i can hear you over there. i believe such a proposal could pass both houses with bipartisan majorities. as long as those leaders allow it, to actually come to a vote. if members of the house or the senate want to vote no, they can, but we should let everybody vote. >> i would actually really like to know who he was shushing there. but to his main point,...
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for example who are living in cairo to vote in cairo like in the nineteenth of march so we had this deficit of one million people but if we compare the numbers of referendum who won't find any differences. but figures suggest only around hull of all egyptians support the islamists so how do you intend to gain greater backing. while. again again please all right we have reports and figures in general peter gration of course the figures suggest only around hustle all egyptians in your country support there is limits how do you intend to gain greater backing. we are going to gain. this by by by time you see a lot of people are already entered by what is in the media and our media is against the islamic. parties but by time people would see how we deal with the problems and i think this willing to use our popularity in the coming. in the coming election i see also the muslim brotherhood your party has been known for its anti israel views has that position now changed probably all can we expect increased tension now between the neighboring countries egypt and israel . we don't we don't have inte
for example who are living in cairo to vote in cairo like in the nineteenth of march so we had this deficit of one million people but if we compare the numbers of referendum who won't find any differences. but figures suggest only around hull of all egyptians support the islamists so how do you intend to gain greater backing. while. again again please all right we have reports and figures in general peter gration of course the figures suggest only around hustle all egyptians in your country...
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weeks the republicans and democrats have been trying to reach a deal on how to reduce the national deficit if they don't billions of dollars in tax hikes and spending cuts automatically come into effect on january the first activist and journalist says it's not the deadlock that bothers him but what has already been agreed upon. the real problem in my eyes is not the fact that they can't reach an agreement but rather that they have reached an agreement on many fundamental things the grievance they have reached is that neither of them are going to advocate to put more money in the hands of working people they have no problem whatsoever removing a trillion dollars or two trillion dollars from the economy and delivering it to the bankers they did that inside of twenty days back in two thousand and eight and again in two thousand and nine with very little discussion. everyone agrees on both sides of the aisle that sums sort of reduction in benefits from social security and medicare is inevitable quote unquote well you know the rest of us don't believe that it's inevitable or even that it's nec
weeks the republicans and democrats have been trying to reach a deal on how to reduce the national deficit if they don't billions of dollars in tax hikes and spending cuts automatically come into effect on january the first activist and journalist says it's not the deadlock that bothers him but what has already been agreed upon. the real problem in my eyes is not the fact that they can't reach an agreement but rather that they have reached an agreement on many fundamental things the grievance...
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Dec 25, 2012
12/12
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its economic position, driving away tourists and investors, stopping growth and pushing up the state deficit. that israel has approved the construction of 940 new homes -- >> israel has approved the construction of 940 new homes on the outskirts of jerusalem. for palestinians, the land as part of east jerusalem, which would serve as the capital of a future state. they say settlements there violate international law, but israel says it is an integral part of jerusalem, which it sees as its own capital. israel has been pressing ahead with plans to expand settlements since the palestinians were granted observer status at the u.n. to russia has put in place the last section of an oil pipeline from eastern siberia to the pacific. that is a link up that is now almost 5,000 kilometers long. >> the massive project is russia's oil fields direct access to key markets in japan, south korea, taiwan, the philippines, and the usa. >> after six years of construction and around 21 billion euros, the pipeline is complete. russia hopes it will be able to expand sales into the u.s. market. it also wants to sel
its economic position, driving away tourists and investors, stopping growth and pushing up the state deficit. that israel has approved the construction of 940 new homes -- >> israel has approved the construction of 940 new homes on the outskirts of jerusalem. for palestinians, the land as part of east jerusalem, which would serve as the capital of a future state. they say settlements there violate international law, but israel says it is an integral part of jerusalem, which it sees as its...
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Dec 28, 2012
12/12
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the country managed to avoid bailout so far, but will not meet its deficit target for the full year. do you think spain should be given more time? >> well, first of all, i think that, again, spain is going in the right direction. when you look at the current account, the deficit, you see that it had been diminished massively since the peak that they had in 2008, 2009. and, you know, as a very short summing up, it's been divided by more than five, though it's very, very encouraging. on the other hand, you have unit labor costs which have been diminishing quite a lot and the exports of spain are very dynamic today. so it also demonstrates that hard work is being done. it's difficult. it's tough, but going in the right direction. i trust that the global observers are observing progressively and the adjustment is proceed. in spain and in all the countries that are under adjustment. >> now, lonmin's ceo ian farmer is stepping down while being treated for a serious illness after being first admitted to hospital back in august. the south african miner says it's already appointed an executiv
the country managed to avoid bailout so far, but will not meet its deficit target for the full year. do you think spain should be given more time? >> well, first of all, i think that, again, spain is going in the right direction. when you look at the current account, the deficit, you see that it had been diminished massively since the peak that they had in 2008, 2009. and, you know, as a very short summing up, it's been divided by more than five, though it's very, very encouraging. on the...
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Dec 31, 2012
12/12
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smash some deficits, smash some deficits, smash some deficits, smash some deficits. >> that was gallagher, too? >> that was gallagher. one of our more memorable moments with rick santelli, who can do incredible things with a very large mal let. rick, good morning. happy ne year to you. we're going to do smashing here if things don't happen in the next few hours. >> they are. as a matter of fact -- hold on. got to get some props that you can't see. you know, i think it's almost time for us to do a big whoopee, because maybe we are close to a deal. but after listening to that spot, i think i'm going to modify whoopee to maybe whoop-pea. because i think we went from smashing pumpkins to potentially smashing a pea. and maybe even the pea is going to be a little bit too big. so we went from gallagher -- there we go. there's our debt smashing for the end of the year. okay? it's basically a pea. and maybe we don't even get that. because most likely, what we are dealing with here, unlike with gallagher and the watermelons and big hammer, is pretty much about a tax deal. okay? we've done all of th
smash some deficits, smash some deficits, smash some deficits, smash some deficits. >> that was gallagher, too? >> that was gallagher. one of our more memorable moments with rick santelli, who can do incredible things with a very large mal let. rick, good morning. happy ne year to you. we're going to do smashing here if things don't happen in the next few hours. >> they are. as a matter of fact -- hold on. got to get some props that you can't see. you know, i think it's almost...
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Jan 1, 2013
01/13
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CNNW
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debt and deficit situation which is a serious issue still doesn't get us into a place like greece. the u.s. has certain flexibility in its financial and fiscal systems that other countries don't have. >> right. well that's true. we can print our own money so yes if we continue this profligate spending without sufficient money to pay for it, other countries can buy our debt. third world countries try that and it usually doesn't end well but another potential glitch is congress has to keep raising the debt limit to allow that kind of mechanism to continue so even though we can print our own currency which reduces the risk of a credit default, if congress refuses to raise the debt limit that could force default and increase problems for us. >> your book is called "bull by the horns" and do you think this is our government taking the bull by the horns this deal? >> no. i wish i could say it really is kicking the can down the road when it. they did make some decisions, permanent inflation indexing of the amt which is good, that's been going on for a long time. we've got permanent extens
debt and deficit situation which is a serious issue still doesn't get us into a place like greece. the u.s. has certain flexibility in its financial and fiscal systems that other countries don't have. >> right. well that's true. we can print our own money so yes if we continue this profligate spending without sufficient money to pay for it, other countries can buy our debt. third world countries try that and it usually doesn't end well but another potential glitch is congress has to keep...
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Dec 27, 2012
12/12
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CSPAN
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almost every day at the top of the list is deficit. get the deficit under control. until we did it in the 1990's. and why did i have a single- minded focus? i've always understood the most important responsibility of government is the economic security of people. if you do not have your fiscal affairs in order, we learned in the economic downturns in my state that debt can work for you. it can also crush you. i have seen people crashed by -- crushed by debt. my family lived through the great depression in the 1930's and it exacted a terrible toll on the people of my state. i have always been focused on economic growth, economic opportunity, and irresponsible with the resources at hand. -- >> the c.s. becoming like greece? >> no, that is a profoundly -- do you see as becoming like greece? >> that is a profoundly different situation. the congressional budget office says that if we stay on the course we are on, we will have a debt that is 230% of our gross domestic product of the the next 20 years. most experts say once you get a debt of more than 9% of gross domestic
almost every day at the top of the list is deficit. get the deficit under control. until we did it in the 1990's. and why did i have a single- minded focus? i've always understood the most important responsibility of government is the economic security of people. if you do not have your fiscal affairs in order, we learned in the economic downturns in my state that debt can work for you. it can also crush you. i have seen people crashed by -- crushed by debt. my family lived through the great...
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Jan 1, 2013
01/13
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CSPAN
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we were paying down the deficit. things were going well under bill clinton, under that tax system, and that's what we'll go back to tomorrow. what's so bad about that? well, what's happened is in the last ten years a lot of people have gotten very rich in this country. very rich. and now they want to protect their wealth. and that's what they want to do. they want to lock in this system on estate taxes and lower tax rates up to $450,000 or $500,000 or a million or whatever they want. they want to lock that in. i think it's time for them to start paying their fair share, and they did under the clinton tax provisions that we had in place at that time. so to go back to the tax provisions that we had under bill clinton doesn't frighten me one bit. but now we hear the same song and dance from the republicans. if we do that, the sky's going to fall. the world will end tomorrow. the markets will just go all to heck. we heard that in 1993, and it was wrong. we're hearing it again today about what will happen if we go back to
we were paying down the deficit. things were going well under bill clinton, under that tax system, and that's what we'll go back to tomorrow. what's so bad about that? well, what's happened is in the last ten years a lot of people have gotten very rich in this country. very rich. and now they want to protect their wealth. and that's what they want to do. they want to lock in this system on estate taxes and lower tax rates up to $450,000 or $500,000 or a million or whatever they want. they want...
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Dec 31, 2012
12/12
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it's deficits that got us into this problem. it's only reducing deficits that get us out of this problem. >> senator, just to be clear, this reporting the democrats have offered, $450,000, your best information is that that has been accepted? >> no, that's not my best information, but it's my best belief that they've reached an agreement on revenues. what that level is, i don't know, but the question now is where those revenues go. if they go to new spending, we're going to have a problem making a deal because spending has been our problem. but if they go towards deficit reduction, which ultimately will be debt relief, that will be a good thing, and we probably will have a deal. >> senator, let's talk about the process very quickly. we are told the senate will come back into session at 11:00 this morning. that somehow reflects on the fact that seems to be a late start to the working day, but there's work being done right now. tell me what that work is. >> you know, any time you're putting a deal together, it's always the details
it's deficits that got us into this problem. it's only reducing deficits that get us out of this problem. >> senator, just to be clear, this reporting the democrats have offered, $450,000, your best information is that that has been accepted? >> no, that's not my best information, but it's my best belief that they've reached an agreement on revenues. what that level is, i don't know, but the question now is where those revenues go. if they go to new spending, we're going to have a...
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created this cliff situation when they failed to agree on a budget that would help the country reduce its deficit and its you mongers debt and what they did was what they usually do they put off those important decisions until a certain deadline that deadline is now so they came up with this scary word cliff to create lots of drama around what should be the ordinary maybe somewhat boring working process of any congress or parliament that is to agree on a budget the need to deadlines so the cliff which actually describes the mode in which the congress is working their inability to make decisions until the very very last minute the cliff that u.s. lawmakers have artificially created could become very real for the american people the vast majority of them over one thousand government programs would be cut it would hit the unemployed very hard they would stop getting unemployment benefits there would be other automatic cuts and tax hikes that would mostly affect those who are financially insecure but everyone knows even if the lawmakers don't meet the january first headline they can pass measures ret
created this cliff situation when they failed to agree on a budget that would help the country reduce its deficit and its you mongers debt and what they did was what they usually do they put off those important decisions until a certain deadline that deadline is now so they came up with this scary word cliff to create lots of drama around what should be the ordinary maybe somewhat boring working process of any congress or parliament that is to agree on a budget the need to deadlines so the...
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had it been part of the year is that in two thousand and eight and i ask of course because our budget deficit is still knowledge and then the average here is a country that is i think we've been part of the euro zone we would have been in the worst position because we didn't wouldn't have our own currency and we wouldn't have our own central bank and also you know i have to say is the person that had to take a decision as to whether or we should stop the banking system collapse i could take that decision consulting with the prime minister and we did it overnight if we did bob you reserve my guess is going on i would still be asking the question and discussing it no i don't i i just despair of the score off it decision making in the euro zone or inability in greece for example after two years to come to something that looks like it's credible it's going to stick and we have had our in currency for and we've seen a thirty percent depreciation in standing over. reason is why then have we been unable to export our way out of trouble i think is partly because of the depressed state of the world ec
had it been part of the year is that in two thousand and eight and i ask of course because our budget deficit is still knowledge and then the average here is a country that is i think we've been part of the euro zone we would have been in the worst position because we didn't wouldn't have our own currency and we wouldn't have our own central bank and also you know i have to say is the person that had to take a decision as to whether or we should stop the banking system collapse i could take...
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had it been part of the year is that in two thousand and eight and i ask of course because our budget deficit is still larger than the average euro zone countries is i think we've been part of the euro zone we would have been a worse position because we didn't wouldn't have our own currency and we wouldn't have our own central bank and also you know i. probably should have stopped. have we been unable to export our way out of trouble i think is partly because of the depressed state of the world economy you know we sell a lot to america and america's growing but at a pretty low rate look at the euro zone where half of what we produce goes the eurozone is in recession and you know that ok the germans are doing a little bit better than that but it's not surprising you know if you've got this sort of don't term that you don't automatically get the benefit you would expect but you know there's been a lot of discussion in britain by rebalancing the economy you know that's fine but it's very difficult to do it when that economy is in recession what do you make of the current debate about changing ou
had it been part of the year is that in two thousand and eight and i ask of course because our budget deficit is still larger than the average euro zone countries is i think we've been part of the euro zone we would have been a worse position because we didn't wouldn't have our own currency and we wouldn't have our own central bank and also you know i. probably should have stopped. have we been unable to export our way out of trouble i think is partly because of the depressed state of the world...
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Dec 28, 2012
12/12
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the problem with the fiscal cliff is it would put in place deficit reduction, but it would put in deficit reduction too much, too quickly, and with the wrong parts of the budget. so it would let all of the tax cuts expire, it would let many things like the alternative minimum tax hit the middle class. it would have a big, broad-based sequester that goes into place, not gradually, like we would want, to help not derail an economic recovery, but abruptly, and it deals with the wrong parts of the budget. so what you want to do is replace this big amount deficit reduction, all hitting just at the time when the economic recovery is starting to take hold, with a more thoughtful plan that's phased in gradually. so it doesn't do too much deficit reduction up-front, but it puts in the necessary changes to health care cost, retirement, tax reform, all over time and puts us on a sustainable path to a better place. >> let me ask you a central question. is america different from europe? can america continue to run huge budget deficits, because the feds can buy treasuries and prop up the market, and be
the problem with the fiscal cliff is it would put in place deficit reduction, but it would put in deficit reduction too much, too quickly, and with the wrong parts of the budget. so it would let all of the tax cuts expire, it would let many things like the alternative minimum tax hit the middle class. it would have a big, broad-based sequester that goes into place, not gradually, like we would want, to help not derail an economic recovery, but abruptly, and it deals with the wrong parts of the...
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Jan 1, 2013
01/13
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CNNW
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they know that we've got to make a down payment on deficit reduction. they know that we've got to protect the middle class and we've got to focus on -- let's -- what i haven't heard about in a couple of days are, our needs get back to the number one issues. creating jobs and getting this economy turned around. this is one of the first things that we have to do so we can move on aggressively towards that. >> bottom line, house republicans are meeting right now. they've just started a second meeting of the day. what do you anticipate will happen tonight? >> you know, i said earlier today, predicting what this group of republican and the house members will do is it certainly a challenge. i know that if -- from working with them as many years as i have, i know there are enough responsible republicans that there would be enough democrats and republicans that would pass that bill and send it to the president so we can prevent 98% of americans from having their tacks increased and we could get a handle on the deficit reduction problem. >> you think there's a d
they know that we've got to make a down payment on deficit reduction. they know that we've got to protect the middle class and we've got to focus on -- let's -- what i haven't heard about in a couple of days are, our needs get back to the number one issues. creating jobs and getting this economy turned around. this is one of the first things that we have to do so we can move on aggressively towards that. >> bottom line, house republicans are meeting right now. they've just started a...
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Dec 31, 2012
12/12
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FBC
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let me see something that brings down our deficit. okay. great to see you. happy new year. thank you so much. most of the the seiders, our elected officials are in d.c. on this new year's eve with a heat lamp of the media and constituents on them right now. what will they do? we are joined right now. we kept grabbing people. representative, a democrat from california. thank you so much for joining us . we have less than nine hours to go. tell me, what do you think will happen? >> let's be hopeful. let's be hopeful that we did a good, balanced deal. the ceos of looking for a balanced deals. i think there is one to be had. we have to pick a number where we have adequate revenues, somewhere above 250,000. okay. as a number. then on the cut side, keep in mind that in the budget control act of this year we have already well over a trillion, nearly a trillion 3-$400 billion of cuts already to take place. this sequestration is in addition to that. there are serious cuts coming down. they have to be done wisely, and that is why sequestration is a problem because it is not a wise wa
let me see something that brings down our deficit. okay. great to see you. happy new year. thank you so much. most of the the seiders, our elected officials are in d.c. on this new year's eve with a heat lamp of the media and constituents on them right now. what will they do? we are joined right now. we kept grabbing people. representative, a democrat from california. thank you so much for joining us . we have less than nine hours to go. tell me, what do you think will happen? >> let's be...
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Dec 24, 2012
12/12
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we are going to expand our dominance and are well by expanding our deficit and using our deficits to provide the rest of the world with the demand which is necessary to grow their economies, even at the expense of hours. and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is came over. but if you are the united states of america and there are certain other factors that i will touch upon later, what you can do is you can expand your deficit as long as you create the circumstances so that german entrepreneurs, later chinese, take their profit, which they earned and they send it to wall street. thus closing the cycle, the recycling loop. so, effectively what we have between 1940's and 1971, 1973, you had global surpluses being recycled from united states to the rest of the world. the capitalist world. the western world. ok? so, the united states was an exporter to europe and japan. it was making profits. it was then recycling to europe and japan. so they would keep on buying. once the surplus shifted to japan, germany, and china, the idea t
we are going to expand our dominance and are well by expanding our deficit and using our deficits to provide the rest of the world with the demand which is necessary to grow their economies, even at the expense of hours. and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is came over. but if you are the united states of america and there are certain other factors that i will touch upon later, what you can do is you can expand your deficit as long...
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extend the debt and we'll just wait till next year and they thought it would go a bit further but the deficit ran up so much faster than anticipated we'll take care of it tomorrow and that's all the politicians in the us are anywhere too they're not proactive they're not problem solvers they don't care about you and all they care about is their own little power and you know let the rest of the world be damned american doesn't understand why his country why the world economy is going down the drain all they know is class warfare which is what the administration wants that the banks are getting rich and they're getting poorer they don't understand why any of this is happening so for the average american they're going to pay some more taxes but the average americans in fear of losing his job and losing everything that he's worked this whole life for and he doesn't have a clue why well. i gave us his full cost on her financial. the fiscal cliff is just more of fear from politicians trying to distract from the underlying root. that is a bunch of. bankers who are manipulating the system. destroying
extend the debt and we'll just wait till next year and they thought it would go a bit further but the deficit ran up so much faster than anticipated we'll take care of it tomorrow and that's all the politicians in the us are anywhere too they're not proactive they're not problem solvers they don't care about you and all they care about is their own little power and you know let the rest of the world be damned american doesn't understand why his country why the world economy is going down the...
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i have a slightly deficit take. i certainly agree, banks have been on fire 40% versus s&p up the last six months. they've been terrific stocks recently. a lot of optimism gets put into these names and i see a lot of headwinds to tensipotentia pote it. >> being? >> regulatory pressure high. and keeping interest margins under pressure. loan demand is still pretty weak. cni, commercial and industrial loan demand is starting to weaken. you have political pressure and uncertainty, which remains high. there's a lot of problems here. one in particular, in regulation, i think is underappreciated here. you referenced it in your spot. the coming central clearing of derivatives mark, i think is a big problem. >> when i say basel-free, people's eyes glaze over, where are you regarding basel-free and what it means to profits? >> a fair question and huge unknown. we're starting to see some firms begin to reshape their business, particularly on the market side, where a lot of pressure is. there's a busy called fix income and commo
i have a slightly deficit take. i certainly agree, banks have been on fire 40% versus s&p up the last six months. they've been terrific stocks recently. a lot of optimism gets put into these names and i see a lot of headwinds to tensipotentia pote it. >> being? >> regulatory pressure high. and keeping interest margins under pressure. loan demand is still pretty weak. cni, commercial and industrial loan demand is starting to weaken. you have political pressure and uncertainty,...